My question on M&A, whether you can say definitively that you won't do larger M&A, meaning something that would be, say, USD 30 billion or larger. We continue to onboard new patients, and the majority of those patients continue to be in first line, first switch. So and we know that there are differences in practice patterns throughout the world. A. Had very strong data in Sjgren's syndrome in a Phase IIb study. And just to remind ourselves, this is the first and only targeted therapy to achieve both 5-year overall survival in metastatic as well as adjuvant. In China, we renewed our NRDL listing for heart failure, and we are thrilled that hypertension is now listed. As you know, our key development program is the NATALEE trial studying Kisqali in adjuvant setting for both high- and intermediate-risk patients. Looking at, for example, the patient digital identification. And then on Sandoz biosimilars upcoming launches, Richard? And we plan to start a Phase III trial in DLBCL this summer for this asset. We maintain a high share of voice. Sales/Revenue. Scope 1: combustion and process, and vehicles; Scope 2: purchased energy. Next slide, please. Thank you. And as announced in the quarter 4, we continue to also return our capital to shareholders where appropriate. Is it fair to assume Lutathera trajectory is a fair benchmark? In 2021 the company made a revenue of $51.62 B an increase over the years 2020 revenue that were of $48.65 B .The revenue is the total amount of income that a company generates by the sale of goods or services. The Santo Domingo forest carbon offset project in Argentina is due to reach maturity; as projects near this phase, routine operations involve thinning and harvesting. Yes. Specifically, as you asked about Sjgrens syndrome, as you know, we've advanced based on results that we've seen from our Phase II study. And what are the key LOE launches coming up in '23 and beyond? Our biosimilars launches however continue to be on track. ( This Novartis Annual Review 2020 includes non-IFRS financial measures such as core results, constant currencies and free cash flow. This statistic represents Swiss-based pharmaceutical company Novartis' expenditure on research and development, from 2004 to 2021, as a percent of revenue. But it is true that there are areas that are disproportionately impacted. Novartis AG annual revenue for 2019 was $48.677B, a 5.59% increase from 2018. A central matter applies to a senior leader or manager, potentially disruptive reputational impact, sexual harassment, discrimination, retaliation and significant financial impact. So I'm now going to walk you through some of the financials for the fourth quarter and the full year as well as provide you with our 2022 guidance. Good morning and good afternoon, everybody. Now turning to Slide 45, where we sum up our guidance on top and bottom line. Yes, sure. But we continue to assess those, let's call, the larger bolt-on deals. In quarter 1, the impact is a bit more pronounced, and sales would be negative 4, and on bottom line, negative 5 points. If you have any insights, it'd be great to hear. For the quarter, Innovative Medicines sales grew 7% and core operating income 15%. View the Novartis Annual Report 2021 (PDF 3.4 MB) Novartis in Society Integrated Report 2021. Turning to Slide 40. And we really see 2 different modes of action with ianalumab. Novartis is a global healthcare company based in Switzerland that provides solutions to address the evolving needs of patients worldwide. This is higher than the 16% core tax range tax rate range we experienced over the last couple of years. Are we going to see something like that? In Q4, we delivered strong performance across our value drivers. And clearly, we'll update as we file and move those products forward. So NHS guidelines, making sure that the communication is ready to go out. We signed an option agreement with BeiGene for ociperlimab, the Phase III TIGIT inhibitor, currently being run by BeiGene in global Phase III studies in solid tumors, particularly in lung cancer, ESCC and cervical cancer. You will see us continue to build on that strong foundation in 2022, with the right investments, not only in our products, but also in new partnerships, customer engagement and digital tools. Includes patients reached through flagship programs (malaria, sickle cell disease, leprosy, Chagas disease), patients reached with donations (leprosy and fasciolisis), and patients reached with other Sandoz medicines. So moving on to Slide 26. Is that commercial value of the pipeline? View Novartis stock / share price, financial statements, key ratios and more at Craft. Your next question comes from the line of Andrew Baum from Citi. When you look at Slide 19, you can see the full list of expected events, regulatory decisions, submissions, submission-enabling readouts, additional readouts. And PHE in multiple myeloma, the BCMA-directed CAR-T. Again, early data, but in the first 6 patients, 100% ORR. This was led by our heart failure medicine Entresto, which grew 40% (cc) to USD 3.5 billion, driven by increased patient share across major markets. Our IM core margin has now reached 36.2%. We invest in our organic business. In 2020, the leprosy program fully transitioned to the Global Health organization as one of the flagship programs. Susanne, are you there? Absolutely. * With the 2015 Annual Report, values back to 2011 were restated, as a result of a series of transactions during 2015. . We're quite happy to continue to do deals, like the 4 deals that we've done in quarter 4, that enabled us to acquire 4 mid-stage and/or late-stage assets. Also, it enables a shortened time frame for cells to be out of the patient's body. But I would say replacement power and value per NME are high measures on our mind. With respect to the entire group, we expect both the top and the bottom line to grow mid-single digit. Looking ahead, GSK has a clear ambition to positively impact the health of more than 2.5 billion people over the next ten years. And with that, I'll hand it over to Marie-France. It's around, how do you protocolize the use or the management of lipid lowering within the system? You can see USD 9 billion in R&D, over USD 1 billion in capital investments. And good morning and good afternoon, everybody. Data include all work-related injury and illness, whether leading to lost time or not. And then, in particular, how should we be thinking about the pre-taxane setting from a potential perspective versus the post-taxane setting? It's a very different population than GEP-NET. Now moving to the next slide on Slide 14. Novartis in Society Integrated Report 2021 The Novartis in Society Integrated Report covers our business, strategy and performance. But we also face continued gross margin headwinds due to the price erosion and unfavorable mix, particularly in the US, which we expect to fully bottom out in this year and start to move towards a growth dynamic in the back half of next year. Yes. Novartis AG annual revenue for 2021 was $52.877B, a 5.97% increase from 2020. And we continue to have good traction with the expanded label in the US, which, as you know, includes 5 out of 6 patients with heart failure. And we are confident that we will get to our goal of over USD 4 billion in sales in China by 2025. Novartis AG operating income for the twelve months ending June 30, 2022 was $10.875B, a 0.68% decline year-over-year. Yes. For modeling purposes, we thought it would be very helpful to you to go into some details regarding the currency impact, especially given the recent appreciation of the US dollar. For further Scope 3 disclosures, please see our latest HSE supplement. The approvals of Scemblix in the US and Leqvio in the US, importantly, from an approval standpoint. So what we intend to do is ensure we follow these patients and make sure that we have a clear understanding of the treatment for secondary prevention for Leqvio. Patients reached with donations (thousands). I think we've seen a number of challenges there. We finished the year on a strong quarter, with sales and core operating income growing 6% and 12%, respectively. I already mentioned remibrutinib and our agent in Parkinson's disease. John, on ianalumab Phase III design for Sjgrens? Readers should not rely upon the information in these pages as current or accurate after their publication dates. Source: Novartis Annual and Quarterly filings, StockOpine analysis, Note: The green highlighted brands were not part of Top 20 portfolio in . A definition of non-IFRS measures used by Novartis, and further details, including reconciliation tables, can be found in Item 5. A. A. And we would of course be able to determine that at that point in time. It is also included in data reported in the Novartis Global Health table. A big thank you for joining us today on our Q4 '21 and full year '21 results. We create value for shareholders by investing in our business to provide shareholder . Question please on Sandoz. A. And Tafinlar + Mekinist continues to sustain leadership in metastatic melanoma as the most used worldwide targeted therapy in the setting. As you know, this is a factor B that is actually targeting the alternative complement pathway. But it's always this very delicate balance between investing and also driving, of course, productivity as we do. More of the same? My question is on ensovibep. The MS space is one that we know very well from our experience in the studies that we conducted across Gilenya, Mayzent as well as Kesimpta. So in terms of looking at remibrutinib versus ligelizumab. In the US, our access position is stable and we plan to grow with the market. Clearly, Innovative Medicines had a strong year, driven by our key growth drivers, Entresto, Cosentyx, Zolgensma and the key oncology brands which also Marie-France and Susanne laid out. As you can see, overall, our full year results were in line with guidance, with a particularly strong Innovative Medicines performance. Richard, do you want to start? In hematology, the asciminib first-line approval. Yes. And all 3 products are showing strong growth. Moving to Slide 37. And you see that Scemblix has a very strong clinical profile with a twofold improvement in major molecular response and a 3x reduction and discontinuation due to adverse event. A. 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